CT’s College Savings Program Gets Ripped Off for $1.4 Million

How can someone simply access the CHET account and withdraw that much money?! According to an article in the NewsTimes, unauthorized individuals somehow gained online access to the CHET accounts according to state Treasurer Denise L. Nappier.

A Fairfield individual found $82,000 missing from their state college savings account and a Darien women saw $50,000 disappear from her Connecticut Higher Education Trust Direct account.

Photo Taken from a CHET YouTube Video

The good news is that the managers of the account,TIAA-CREF Tuition Financing Inc.have agreed to restore all the money to individuals who were affected by the breach plus the company will also provide two years of identity fraud protection, identity restoration services, and $1 million in identity theft insurance.

There are more than 150,000 CHET accounts that need to be looked at carefully so this type of breach never ever happens again. Nappier was quoted as saying:

Until it happens to you, it's hard to capture how unsettling it is when personal accounts have been comprised.